Energy, Estonia, EU – Baltic States, Good for Business, Mergers and take-overs, Technology

Harju Elekter informed the Tallinn Stock Exchange that at their meeting on 10 June 2014, the supervisory board of AS Harju Elekter decided to approve the purchase of 100% of the shares in Finnkumu Oy, Finland’s largest producer of pre-fabricated substations, by Satmatic Oy, the Group’s subsidiary in Finland.

The contract is due to be concluded on 17 June, whereupon Finnkumu Oy will become a wholly-owned subsidiary of Satmatic Oy. With the purchase of Finnkumu Oy, the group will increase its market share in Finland and also elsewhere in Scandinavia and significantly expand its product range. The transaction is being financed by AS Harju Elekter; under the terms of the contract, its value will not be disclosed.

Finnkumu Oy is a leading Finnish enterprise involved in the planning, production and sale of electricity distribution devices, mainly pre-fabricated substations and distribution cabinets. In 2013, the company’s turnover amounted to EUR 10.4 (2012: 6.6) million and net profit EUR 1.25 (2012: 0.66) million euros.

Satmatic Oy is the leading producer of automated industrial equipment and the importer and distributor of the Group’s products in Finland. The company’s headquarters and plants are located in Ulvila and Kerava. In 2013, the enterprise’s turnover amounted to EUR 19.7 (2012: 21.3) million, and there are 76 employees working in the enterprise.

Harju Elekter is the leading MV/LV electrical and engineering devices producer in the Baltic States as well as well-known and respected in Scandinavia. Harju Elekter Group includes manufacturers of electrical equipment in Estonia, Finland and Lithuania.